Impact of Cross-border Mergers and Acquisitions on Acquirers' Shareholders Wealth

Přeshraniční fúze a akvizice a jejich vliv na bohatství akcionářů

Hoang Long Pham

Český finanční a účetní časopis, 2015, vol. 2015, issue 4, 78-92

Abstract: The objective of this paper is to analyze the impact of cross-border merger and acquisitions on shareholders wealth of acquiring firms from developing countries with a focus on capital market integration. I examine whether announcement effects of takeovers differ for shareholders in developing countries with a developing capital market and highly growing economy from studies for developed markets. Data is used for TIMPS from the period 2000-2010 and standard event study methodology is used for this purpose. I find significant positive abnormal returns for acquirers. The study could be relevant for shareholders, global fund managers as well as financial regulators.

Keywords: Cross-border merger and acquisition; Event study analysis; TIMPS; Přeshraniční fúze a akvizice; Event study analýza (search for similar items in EconPapers)
JEL-codes: G30 G34 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.18267/j.cfuc.460

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